Home Forex Analysis And Forecasts Intraday Outlooks For EUR/USD, EUR/GBP, USD/CAD - SEB

Intraday Outlooks For EUR/USD, EUR/GBP, USD/CAD – SEB

The following are the intraday outlooks for EUR/USD, EUR/GBP, and USD/CAD as provided by the technical strategy team at SEB Group.

EUR/USD: Seeking a 1.1250 sell. Often after falling benchmark candles such as Tuesday’s the market begins a correctional phase that returns prices back to the mid body point of the falling candle within two to three days. In this case it means that we should be looking for a return to the mid 1.12’s before resuming the descent. The strategy should therefore be to seek a selling opportunity around 1.1250 (and to keep a short term bearish wave count in place we don’t want to see the price return above 1.1292).


EUR/GBP: Ending the bearish triangle. Yesterday’s question mark of whether wave E having been put in place or not has now been answered with a no. Accordingly we are seeking a small bounce up towards the bearishly sloped 55d ma and thereafter a downturn and exit from the bearish triangle (calling for a drop down into ideally the 0.6740-0.6535 area).


USD/CAD: Targeting the 1.2563 "Double-top". The 1st attempt at the high end of the flat-topped "Cloud" failed as expected, but the 2nd attempt looks stronger with a high session close yesterday. Extension through yesterday's 1.2423 high would show that buyers retain the initiative and this should lift sights back to the May-Jun 1.2563 "Doubletop". As a near-term idea for a move towards 1.2563; Buy into a 1.2360 correction with a stop below 1.2275 or buy a break over 1.2400 with a stop below 1.2355.


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